Whether you’re retired or not, chances are you’ve got questions about your post-work life. Don’t worry. You’re not alone.

Some of the most common questions we get asked are “How much do I need to save for retirement?” and “What are my choices at retirement?” and “Will I have enough money to last me?”. Retirement is an important milestone that deserves reliable answers. With so much information out there, it’s hard to know where to turn or who to trust.

Visit Hargreaves Lansdown’s Answers you can trust | Hargreaves Lansdown (hl.co.uk) for help on what you need to know while you’re saving, when you’re close to retiring, and if you’re already retired.

Hargreaves Lansdown, ranked the UK’s no 1 investment platform on Newsweek’s most Trustworthy Global Companies List 2023.

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The state pension is a vital source of income for many individuals in the UK, providing financial support during retirement. But just how much can one expect to receive from the state pension?

As of April 2021, the full new state pension is set at £179.60 per week. This amount is subject to change every year, with increases determined by the “triple lock” system, which guarantees that the state pension will rise each year by the highest of inflation, average earnings growth, or 2.5%.

The actual amount a person receives will depend on their National Insurance record. To receive the full state pension, an individual must have made a minimum of 35 years’ worth of National Insurance contributions. Those who have made less than 35 years’ worth of contributions will receive a reduced pension amount.

It’s important to note that the state pension is taxable, so it will be subject to income tax if a person’s total income exceeds the personal allowance.

For those unsure about their state pension entitlement, the UK government offers a service where individuals can check their state pension forecast online. This gives an estimate of how much state pension a person may receive based on their National Insurance record.

In addition to the state pension, individuals may also be eligible for other forms of retirement income, such as workplace or private pensions. These can supplement the state pension and provide a more comfortable retirement.

Overall, the state pension provides a valuable safety net for retirees, offering financial support during a time when earning potential may be reduced. By understanding the amount they are entitled to, individuals can better plan for their retirement and ensure they have enough income to support themselves in their later years.